Inflation eats up children's monthly allowance

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Inflation eats up children's monthly allowance
Photo: Henrik Montgomery/TT

Children are financial losers when inflation rises because few parents increase their monthly or weekly allowance in line with inflation.

Länsförsäkringar, with the help of Verian, has conducted a survey of children's monthly and weekly money.

The survey shows, among other things, that 66 percent of all children between the ages of six and 18 receive monthly or weekly allowance. The average amount per month is 495 kronor, with children between the ages of six and eight receiving an average of 192 kronor and 16-18-year-olds receiving an average of 827 kronor.

The survey also shows that children are the financial losers when inflation is high. 60 percent of parents in the survey responded that they do not adjust their weekly or monthly allowance for inflation. Only three percent of parents stated that they fully compensate their children for inflation.

According to the survey, monthly or weekly money goes mostly to buying candy and snacks, followed by food and drinks.

1,010 randomly recruited individuals with children under the age of 18 living at home responded to the questions.

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By TTEnglish edition by Sweden Herald, adapted for our readers

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